Apr 26, 2013 (M2 Banking & Credit News via COMTEX) -- 26 April 2013 -- Georgia, USA-based bank holding company Heritage Financial Group Inc (NASDAQ:HBOS) said it has posted unaudited financial results for the quarter ended March 31, 2013.

The firm posted net income of USD 3.9m for the quarter, or USD 0.52 per diluted share.

This is up threefold from net income of USD 971,000 or USD 0.12 per diluted share for the year-earlier quarter and up 62% from USD 2.4m or USD 0.31 per diluted share for the linked quarter;

Excluding special items for each quarter, Heritage's net income was USD 2.0m or USD 0.27 per diluted share, up 67% from net income of USD 1.2 m or USD 0.15 per diluted share for the year-earlier quarter and USD 1.2m or USD 0.16 per diluted share for the linked quarter.

Successful completion of the company's fourth FDIC-assisted acquisition, Frontier Bank on March 8, 2013, resulted in a USD 2.5m bargain purchase gain, net of tax, Heritage said.

Heritage Financial is the holding company for HeritageBank of the South, a community-oriented bank serving primarily South Georgia, North Central Florida and Eastern Alabama through 29 full-service branch locations, 12 mortgage offices, and four investment offices.

Find out more at www.eheritagebank.com.

1 USD = 0.647072 GBP

Comments on this story may be sent to info@m2.com

(C)2013 M2 COMMUNICATIONS http://www.m2.com